Kenneth Rijock

Tuesday, March 15, 2016

PANAMA'S BANKING REGULATOR SAYS SIX OF NINETEEN BANKS INSPECTED FAILED IN DUE DILIGENCE AND BENEFICIAL OWNERSHIP

An inspection of Panama's financial institutions has revealed that, of sixteen banks audited during a special inspection, nine were fatally deficient in their due diligence procedures, and they also consistently failed to identify the beneficial owners of corporations owning accounts. The results were made public by Ricardo Fernández, the Superintendent of Banking of the Republic of Panama, at the International Banking Center.

The names allegedly will be made public at the end of the special investigation. It is doubted that there will be any surprises, for many experienced Panamanian lawyers know who the money laundering banks are; most are owned or controlled by the country's organized crime syndicate, and routinely move narcotics profits, terrorist funding acquired through a variety of criminal activities, and the proceeds of bribes and kickbacks. The prosecutors generally only file criminal charges when there is some advantage to be derived from it, in favor of the ruling political party in power.

We could, of course, list the known offenders here, in this article, but it would only invite bogus libel suits, as well as the strong possibility that a bargain-basement Panama City hit man would be engaged to come to Miami and find me. If your lawyer knows Panama, he knows who accepts "flight capital," no questions asked; Ask him.